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Best Asset Management Software Options

Popular and known for asset tracking and asset management capabilities, Hardcat is an established product with 30 years of successful history. Hardcat offers a modular solution which mostly suits companies with moderate to complex workflows. The company offers a lighter version of their core product for small and medium businesses....

FMIS has over 30 years of experience in over 40 different countries. FMIS is a specialist in asset management and order processing software, using a unique all-in-one system which can be easily integrated with other logistics and processing systems....

Information management is key, to all organisations, small and big alike. Since 1999, this task is being simplified by the ever improving web solutions provided by Novo Solutions. Their web and mobile cloud platform, known as ShareNet, is highly flexible and used by several reputed companies to manage their information safely and effectively....

xAssets is a leading cloud-based IT and Fixed Asset Management Software. They count Panasonic, Fujitsu, BMW, Saint Gobain, Andersen Tax, Plantronics, American Sugar, Insight plus Police Forces, State and Local Government organisations as their customers. ...

You can manage any type of asset effectively with Assettrac. Whether its movable property or small electrical fixtures and fittings, all of a company's assets can be tracked using the Assettrac system, informing you of their location at all times.Assettrac was established in 1999. Assettrac uses a paper-free system to track your assets, storing your asset information on secure servers and backing the data up to meet the appropriate ISO27001...

Maintenance Connection is a cost-effective CMMS (computerized maintenance management system) service which is used by companies to manage things such as their assets and inventory. Maintenance Connection can also be used to create things such as reports and work orders, allowing companies to manage their operations from one convenient platform. The Maintenance Connection team claim that their service can have a great ROI for their customers, owing to their product's...

Itemit has been developed for a host of industries like Construction, Information Technology, Medical Facilities, Education Institutions etc. Itemit can also be used to keep track of household and domestic items, which makes moving things to a new location hassle free, as one does not have to worry about its location later on....

BulbThings is an asset management app which allows users to track their assets effectively, using powerful tools and systems to generate reports and insights about their assets. The app can also be used for things such as lifecycle management, TCO management, and inventory management, giving users a one-stop-shop solution for all their data and asset-tracking needs....

AMX is a specialist asset management tool that has proven capabilities to manage a variety of infrastructure assets including bridges, highways, street lighting, street furniture, PRoW, parking, road safety, flood risk or environment and ports. Typical users of the product are local authorities, civil engineering firms and international engineering and infrastructure consultants....

Made in England, Simplisys is a proven IT Service and IT Inventory management tool available at a truly affordable price point. All the cloud data is hosted in the UK which means your data is always GDPR compliant. This also means Simplisys is not subject to US data ownership laws....

The cradle-to-grave approach for a web solution taken by the AGSL has been taking off since 2004. This web solution is mainly targeted towards creating a reliable framework for the protection of process control software which are used by companies to control operations and production processes. This secure system reduces risk by providing security, using digital encryption to reduce cyber attacks and also provide a central repository to ensure there...

What is Asset Management Software?

Asset Management Software is a tool that holds all your assets in a centralised database (also known as an asset register). Its principal deliverable is to ensure all your assets are visible to you. Visibility of your assets is offered by tracking every stage of your (fixed or mobile) assets.

The ultimate goal of your asset management software is to improve the profitability that you derive from your assets.

What does Asset Management Software do?

Asset Management Software records information relating to your assets—right from when you buy them (procurement), use them (operations), repair them (maintenance) and dispose them.

The term asset can mean different things to different businesses.

For a real estate or facilities business, their assets are their physical real estate.

For Information Technology businesses, assets will be their IT Infrastructure (Servers, Cloud Applications, Computers, Desktops and Mobile Devices).

For Councils, Roads, Buildings, Care Homes and Council Housing are their key assets.

For Utilities Businesses, it will be their electrical or water grid system.

Whilst the term asset means different things to different businesses, the reasons to use an asset management solution are largely the same.

Why do businesses invest and use asset management software?

#1. Limited Companies need to declare assets on their balance sheets

Every limited company has to record its immovable (fixed) and movable assets in their annual tax return. Not only do they have to record the total value of the assets but they also have to record how their assets are depreciating. For example; if you bought an asset for two million in 2018, you will have to record the asset value and also declare the value of the asset every year. Since asset management software records all the information regarding your assets, it can inform you of the total value of your assets at any given time.

#2. Visibility and Control for Technical Teams

Maintenance and Operation teams are required to record every scheduled, preventive and preventative maintenance task related to assets. Maintenance and technical costs can be as much as 4% to 20% of the total asset costs. For example, if the total value of your assets is three million, then maintenance costs can be anywhere between £120,000 and £600,000. By using asset management software, maintenance and operations teams can record all maintenance tasks related to the assets in one single place.

#3. Assets are linked with people, projects and locations

An asset is rarely a standalone entity. In most cases, an asset is related to people, a location or a project. Asset management software provides the framework to record dynamic connections between assets, people and locations. This provides a clear structure and visibility of each asset, location and people to the entire workforce which drives the productivity of the whole organisation.

#4. Staying Ahead in the Marketplace

How a business records and manages its assets can become a significant competitive advantage. For example, if you derive 2% more value per year from your assets than your competition, then across five years you will get 10% more value from your assets than your competition. A 10% advantage is significant in most markets. Asset Management Software offers a framework to implement and monitor your asset management strategy.

How do different business functions benefit from Asset Management Software?

Asset and Facilities Team

They get an on-demand view of the occupancy, workspace layout and condition of their facilities. In some cases, booking a space is directly related to revenue (exhibitions, events, hotels etc). For organisations that have multiple facilities across different locations, knowing the status of each facility is a significant capability offered by most asset management tools.

IT Team

IT teams use asset management software to track desktops, laptops, mobile devices, servers, on-premise software tools and cloud-based software applications. Not only can they track the location of the devices but also usage of the software and hardware applications. This allows them to optimise their IT spend. In most cases, an asset management tool can also help mitigate cyber risks by scheduling and automating patch management.

Operations and Maintenance

Operations and Maintenance teams schedule planned and preventative repair tasks within asset management software. Assigning engineers, technicians, sending out work orders, inspection reports, service reports and details of replacements parts are all recorded in the asset management software.

In some cases, replacement parts can also be ordered via an asset management tool.

Customer Service

They can track and view the status of customers’ assets in asset management software to handle customer enquiries effectively and efficiently. This is mainly relevant for service-oriented businesses who repair customers’ assets.

Procurement Teams

They can negotiate better terms with suppliers by knowing the status and use of an asset over its lifecycle. Bulk buying, warranties, volume discount, and supply chain management are enhanced by knowing the combined status of all assets.

Finance Teams

They use it to record the value of the asset from procurement to disposal. They also use it for calculating the depreciation/appreciation of assets.

What are the typical features of Asset Management Software?

Asset Register: It is a central repository of all your assets. It not only holds a list of all your assets but also holds links between an asset and the people, location and project. Some tools offer the option to define your asset register as a fixed asset register or mobile asset register. A good Asset Management System will allow you to hold any type (Fixed, Mobile, IT, Digital and Virtual) of asset.

Inventory Management: What you hold as stock or inventory is technically an asset, so most tools offer the opportunity to manage and track your inventory. This feature is very relevant for businesses who rent out their assets.

In some cases, Electronic Point of Sale (EPOS) systems can be integrated if your inventory is fast moving.

Maintenance Management: Offers framework to record adhoc and scheduled maintenance tasks. Elements like work order management, scheduling professional maintenance, parts replacement and maintenance costs are managed from this feature.

Help Desk (Also known as Service Desk): Provides a framework to record notes and interactions related to the assets of your customers. In most cases, you can assign a status to customer enquiries. Ticket Management, Incident Management and Service Level Agreement are facilitated from this feature.

Types of Asset Management Software

#1. Generic Asset Management Software

Designed to manage almost any type of assets. Includes most common features like asset register, asset tracking and reporting. Quite often the asset register is the strongest feature of this type of software.

#2. Fixed Asset Management Software

This is designed to manage fixed assets like facilities, real estate, warehouses and industrial structures. Features related to facilities like booking management, visitor management, and workplace management tend to be strong points. Mainly used by real-estate-related industries.

#3. Facilities Asset Management Software

As the name suggests, they are very strong at facilities management. Asset register, tracking, maintenance management, contract management and reporting are all designed from the ground up to address specific facilities requirements.

#4. IT Asset Management Software

Designed and built to manage IT infrastructure. Particularly strong at software usage management, network and hardware management, software entitlement and cyber risk features.

#5. Digital Asset Management Software

Designed to manage virtual and digital files, particularly relevant for media and creative industries.

#6. Infrastructure Asset Management Software

Developed from the ground up to manage critical physical assets like bridges, roads and tunnels,and public property like parks and recreational centres. Mainly relevant for government and local council organisations.

#7. Plant or Enterprise Asset Management Software

Who are the typical supporters of an asset management software project?

Finance Managers

Finance teams care deeply about asset value and recording a business-friendly yet accurate view of asset depreciation. They drive an asset management project to recognise compounded financial returns from investment in assets. They typically tend to take a long term perspective and view asset management software as an investment.

Asset or Facilities Managers

Downtime and underutilised facilities is a serious concern for Asset and Facilities Managers—Utilisation, Safety, Security and Sustainability of facilities can be driven by an asset management tool, so it typically gets strong support from Facilities Managers.

IT Managers

Ensuring only licensed software is used by their workforce acts as a strong driver to deploy an IT Asset Management Software. Optimising IT spend, enhancing license compliance & reducing cyber risks are core KPI’s for most IT teams which can be achieved by effective use of IT asset management solution.

Operations or Maintenance Managers

Equipment and plant uptime drives operations and maintenance managers. Another key element for them is clear visibility of each asset status.

Project Managers

Assets and Projects are interlinked; an asset management tool offers them the opportunity to book or assign assets to their projects which increases the certainty of project success.

Customer Service Managers

Relating customer queries with their assets increases customer satisfaction and reduces the time required to answer customer queries; as a result customer service managers support asset management tools.

Licensing Options

Open Source Asset Management Tools

They are a really good option if you or your team have resources to configure and support it. Open source tools are free to use but quite often require deep know-how of how to make the tool work which in turn is time intensive. If you have the time, consider open source options.

Licensed Asset Management Tools

There are 227 Asset Management Software providers in the UK. You can shortlist and compare them to see which ones suit your business the most.

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